For a small business owner, strategic planning can take a lot of time. Is it worth it? Why should you spend time working with goals and targets when you can be out there trying to hit the targets? But then again, what if you don’t know what the targets are…? Do you truly run your business via a specifically planned and mapped out strategy, or does your business just run?
Do you sit down at least once every 90 days to evaluate where your business is and what your strategies and targets are for the next month, the next 90 days, and the next year. If not, how do you know where you are going? How do you know where you are? Are you hoping to be more profitable? Or are you implementing action plans that will make you more efficient, more strategic, and more profitable?
Strategic planning in its simplest state is evaluating your business regularly, then becoming laser-focused on what you want your business to accomplish in the next month, the next 90 days, and the next year. Imagine what you can accomplish if you sit down and strategize exactly what you want to accomplish, and then develop a plan to get there?
Here are 7 easy steps to make the process simple and less onerous:
1. Determine, or revisit, the core values of your business. What’s important about the way you do business? Is your whole team on board with these values?
2. Revisit (or create) your mission statement, or what the purpose of your business is. Once you have a mission statement that is meaningful to your business, post your mission everywhere, so your whole team knows it and embraces it. Better yet, create it with your entire team in the first place.
3. Do a S.W.O.T. analysis – Strengths, weaknesses, opportunities and threats – of both your own business, and your competitors’. Look for opportunities and strengths to capitalize on. Then use this analysis to implement strategies that emphasize your strengths, take advantage of opportunities, and build up your weaknesses.
4. What is your biggest challenge? Determine the direction your business needs to take to avoid bottlenecks to growth. For example, if you plan to increase your marketing, but can’t handle extra sales because you don’t have enough workers for the extra work, then plan exactly who you need to hire and by when to avoid the bottleneck.
5. Evaluate where your business is now, and where you want it to be in 5 years from now, one year from now, and 90 days from now.
6. Map out a plan of action on how to get to these goals.
7. Break the plan down into 90 day and then monthly chunks of strategic actions that will truly set your business apart!
Then have fun watching the payoff of being more proactive and strategic!
Written by Cindy Piva, Managing Principal of Thrive Business Strategies.
If you like this article, please comment or email me and let me know! I am a business coach, specializing in working one-on-one with successful small business owners. I help them to plan and implement strategies that enable them to make more money, have more free time, and acquire quality employees. My website is www.thrivebusiness.ca, and my email address is info@thrivebusiness.ca.
Copyright ©2010 Thrive Business Strategies Inc and Cindy Piva
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